Current through P.L. 118-82 (published on www.congress.gov on 09/20/2024)
Section 997 - Special subchapter C rulesFor purposes of applying the provisions of subchapter C of chapter 1, any distribution in property to a corporation by a DISC or former DISC which is made out of previously taxed income or accumulated DISC income shall-
(1) be treated as a distribution in the same amount as if such distribution of property were made to an individual, and(2) have a basis, in the hands of the recipient corporation, equal to the amount determined under paragraph (1).Added Pub. L. 92-178, title V, §501, Dec. 10, 1971, 85 Stat. 549. - corporation
- The term "corporation" includes associations, joint-stock companies, and insurance companies.